JPS Nuveen Preferred and Income Securities Fund

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End Funds

31 January 2021

Nuveen Closed-End Funds

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Table of Contents

3

Chair’s Letter to Shareholders

4

Portfolio Managers’ Comments

Nuveen Preferred & Income Opportunities Fund (JPC)

Nuveen Preferred and Income Term Fund (JPI)

Nuveen Preferred & Income Securities Fund (JPS)

Nuveen Preferred and Income 2022 Term Fund (JPT)

Nuveen Asset Management, LLC (NAM) and NWQ Investment Management Company, LLC (NWQ), both affiliates of Nuveen Fund Advisors, LLC, the Funds’ investment adviser, are sub-advisers for the Nuveen Preferred & Income Opportunities Fund (JPC). NAM and NWQ each manage approximately half of the Fund’s investment portfolio. Douglas Baker, CFA and Brenda Langenfeld, CFA, are the portfolio managers for the NAM team. The NWQ income-oriented investment team is led by Thomas J. Ray, CFA and Susi Budiman, CFA. The Nuveen Preferred and Income Term Fund (JPI) features management by NAM. Douglas Baker, CFA, and Brenda Langenfeld, CFA, have served as the Fund’s portfolio managers since its inception. The Nuveen Preferred & Income Securities Fund (JPS) is sub-advised by a team of specialists at Spectrum Asset Management, Inc. (Spectrum), a wholly owned subsidiary of Principal Global Investors Holding Company (U.S.), LLC. Mark Lieb and Phil Jacoby lead the team. The Nuveen Preferred and Income 2022 Term Fund (JPT) features management by NAM. Douglas Baker, CFA, and Brenda Langenfeld, CFA, have served as the Fund’s portfolio managers since its inception.

Here the Funds’ portfolio management team discusses key investment strategies and the Funds’ performance for the six-month reporting period ended January 31, 2021.

An Update on COVID-19 Coronavirus and its Impact on the Securities Markets

The start of vaccinations across Western countries has been encouraging for the markets, although the discovery of new variants of the COVID-19 coronavirus could cause expectations to be reassessed. The vaccine rollouts have also been slower than expected in some regions. Nevertheless, there are more vaccines still in development, some of which have announced positive trial results, and governments are looking to adjust rollout plans to speed distribution.

The economic recovery moderated in late 2020, as a resurgence of infections triggered another tightening in restrictions. Although the slower pace is expected to persist into early 2021, pledges from central banks and governments to sustain the recovery with policy support are underpinning positive economic outlooks for the full year and beyond. In late December 2020, the U.S. government approved a $900 billion relief package, and Congress approved President Biden’s proposed $1.9 trillion stimulus plan on March 9, 2021.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

5

Portfolio Managers’ Comments (continued)

Markets rallied on optimism for normalization in daily life and in the economy, furthering the recovery from the March 2020 sell-off. Although the detection of the COVID-19 coronavirus in China was made public in December 2019, markets did not start to fully acknowledge the risks and potential economic impact until the latter portion of February 2020, when outbreaks outside of China were first reported. Global stock markets sold off severely, with the S&P 500^® Index reaching a bear market (a 20% drop from the previous high) within three weeks, the fastest bear market decline in history. Even certain parts of the bond market suffered; below investment grade municipal and corporate bonds generally dropped the furthest, mostly out of concerns for the continued financial stability of lower quality issuers. Demand for safe-haven assets, along with mounting recession fears, drove the yield on the 10-year U.S. Treasury note to 0.5% in March 2020, an all-time low. Additionally, oil prices collapsed to an 18-year low on supply glut concerns, as shut-downs across the global economy sharply reduced oil demand, although oil prices have recovered to well above those lows.

While most markets have recovered most of their losses, volatility will likely remain elevated until the COVID-19 crisis is under control (via fewer new cases, lower infection rates and/or wider immunity across populations). The situation remains fluid, given production and logistical challenges with rolling out the vaccine as well as public trust in it, and the potential for more harmful variants of the virus. The distribution of vaccines has narrowed the range of outcomes for the course of the pandemic, but there is still uncertainty in the timing of a full recovery.

Nuveen Fund Advisors, LLC, and the portfolio management teams are monitoring the situation carefully and managing the Funds to best pursue investment objectives while mitigating risks through all market environments.

What key strategies were used to manage the Funds during the six-month reporting period ended January 31, 2021 and how did these strategies influence performance?

Nuveen Preferred & Income Opportunities Fund (JPC)

The table in the Performance Overview and Holding Summaries section of this report provides total returns at net asset value (NAV) for the period ended January 31, 2021. The Fund’s total return at NAV is compared with the performance of a corresponding market index.

For the six-month reporting period ended January 31, 2021, the Fund outperformed the ICE BofA U.S. All Capital Securities Index and the JPC Blended Benchmark.

JPC seeks to provide high current income and secondarily, total return, by investing at least 80% of its managed assets in preferred securities and contingent capital securities (sometimes referred to as “CoCos”), and permitting it to invest up to 20% opportunistically over the market cycle in other types of securities, primarily income oriented securities such as corporate and taxable municipal debt and common equity.

JPC is managed by two experienced portfolio teams with distinctive, complementary approaches to the preferred market, each managing its own “sleeve” of the portfolio. NAM employs a debt-oriented approach that combines top down relative value analysis of industry sectors with fundamental credit analysis. NWQ’s investment process identifies undervalued securities within a company’s capital structure that offer the most attractive risk/reward potential. This multi-team approach gives investors access to a broader investment universe with greater diversification potential.

Nuveen Asset Management (NAM)

For the portion of the Fund managed by NAM, the Fund seeks to achieve its investment objective of providing a high level of current income and total return by investing in preferred securities and other income producing securities, which include, but are not limited to, contingent capital securities (aka, CoCos). The Fund seeks to benefit from strong credit fundamentals across the largest sectors within the issuer base, as well as the category’s healthy yield level. In addition, NAM will actively manage its sleeve to allocate both interest rate and credit risk consistent with its outlook for the broader financial markets, as well as to capitalize on inefficiencies that often arise between the $25 par retail and the $1,000 par institutional sides of the market. The Fund’s strategy has a bias toward highly regulated sectors, such banks, insurance companies and utilities, with the intent to benefit from the added security of regulatory oversight.

6

NAM employs a credit-based investment approach, using a bottom-up approach that includes fundamental credit research, security structure selection, and option adjusted spread (OAS) analysis, while also incorporating a top-down process to position the portfolio in a manner that reflects the investment team’s overall macro-economic outlook. The process begins with identifying the primary investable universe of $1,000 par preferred, $25 par preferred, and CoCo securities. In an effort to capitalize on the inefficiencies between different investor bases within this universe, NAM tactically and strategically shifts capital between the various segments of the market. Periods of volatility may drive material differences in valuations between the $25 par preferred, $1,000 par preferred, and CoCo markets. This divergence is often related to differences in how retail and institutional investors measure and price risk, as well as differences in retail and institutional investors’ ability to source substitute investments. In addition, technical factors such as new issue supply or redemption activity may also influence the relative valuations between the $25 par preferred, $1,000 par preferred market and CoCo markets.

During the six-month reporting period, the Blended Benchmark for the sleeve managed by NAM, which represents the combined preferred securities and CoCos markets, returned 7.00%. This figure fell between both comparable financial senior debt and financial equities. NAM typically expects the Blended Benchmark to perform between these two categories given the hybrid nature of its constituent securities. During the reporting period, investment performance was positive across all broad categories within the market. On average, CoCo securities modestly outperformed the Blended Benchmark. Within the preferred securities segment, $1,000 par preferred structures outperformed $25 par preferred structures. U.S. treasury rates generally rose and the yield curve steepened about 63 basis points. Performance between fixed-rate coupon structures and non-fixed-rate coupon structures was quite pronounced, with non-fixed-rate coupon structures outperforming fixed-rate coupon securities.

Taking a closer look at asset class level performance, the positive absolute returns were driven by a combination of lower credit spreads and the generous yield of the asset class. These two factors combined to more than offset the impact of generally higher U.S. treasury rates and a steeper U.S. treasury yield curve during the reporting period. Credit spreads decreased reflecting an overall reduction in risk premiums, as well as positive developments more specific to the asset class’ largest issuers. With the democrats officially taking control of both the White House and Congress, coupled with continued exceptionally supportive monetary policy out of the Federal Reserve, investor sentiment turned quite bullish and prospects for the economy improved dramatically. As a result, both interest rates and inflation expectations increased during the reporting period, while risk premiums decreased. While option adjusted spreads (OAS) for the $25 par preferred securities segment did slightly increase during the reporting period, the OAS for $1,000 par preferreds and CoCo securities fell by approximately 50 basis points and 100 basis points, respectively. NAM viewed the increase in OAS of the $25 par preferred market as idiosyncratic to that particular segment. The drivers of wider OAS for $25 par preferred securities were twofold. First, OAS for $25 par preferreds started the period at fairly low levels relative to $1,000 par preferreds and CoCo securities. Therefore, a correction to some degree was not overly surprising. Leading up to the beginning of the reporting period, $25 par preferred OAS levels had been trending well below both $1,000 par preferred and CoCo OAS levels for some time, the result of retail demand for income exacerbated by a prolonged low interest rate environment. Further, strong investor flows into a handful of exchange traded funds (ETFs) that primarily invest in $25 par preferred securities also contributed to the relatively lower OAS levels compared to other segments of the market.

NAM also believed that higher interest rates during the reporting period contributed to the underperformance of $25 par preferred on an OAS basis. A higher percentage of the $25 par preferred securities universe is comprised of fixed-for-life coupon structures. During periods of rising rates, these structures tend to fall out of favor with investors relative to non-fixed-rate coupon structures. Therefore, as investors positioned defensively for higher interest rates during the period, that rotation weighed on relative performance of fixed-for-life coupon structures, which disproportionately affected the $25 par preferred market.

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Portfolio Managers’ Comments (continued)

During the reporting period, OAS for the CoCo market decreased to a greater degree than both $25 par and $1,000 par preferred securities. CoCo securities had underperformed for several months leading up to the current reporting period. Couple the recent underperformance with generally better than expected European bank earnings during the reporting period and the fact that almost all AT1 CoCos are non-fixed-rate coupon structures, it was not a surprise CoCos outperformed on a relative basis.

In NAM’s opinion, the compelling fundamental credit story of our largest sector, the bank sector, continued unabated. Both sets of 2020 U.S. bank stress test results, the first released in late June and the second in late December 2020, once again validated the resiliency of U.S. bank balance sheets. In 2020, the goal of these exams was to examine the banks’ vulnerabilities under the pall and fallout of the current COVID-19 crisis. The assumptions and variables used to conduct the stress tests were significantly more devastating versus those used in previous assessments. Despite these dire assumptions, all 33 banks subject to the stress tests passed. If NAM combined the above stress test results with better than expected earnings out of the U.S. bank sector during 2020, and the fact that that bank capital levels actually increased during 2020, then it is hard to argue that another sector was better prepared to successfully navigate the current crisis than the bank sector.

NAM incorporated several active themes relative to the Blended Benchmark during the reporting period, including an overweight to the $1,000 par side of the market, and an overweight to non-fixed-rate coupon securities (floating rate, fixed-to-floating rate, and fixed-rate reset), as well as an underweight to CoCos and a corresponding overweight to domestic issuers.

Within the preferred securities universe, $1,000 par preferred securities on average outperformed $25 par preferred securities. As a result, NAM’s overweight to those structures contributed to the Fund’s relative performance. As has been the case for some time, NAM has maintained an overweight to $1,000 par securities for two primary reasons, relative value and interest rate risk management. With respect to relative value, the $1,000 par side of the market continues to be significantly cheaper than the $25 par side of the market on an OAS basis. At the beginning of the reporting period, the average OAS for the $25 par preferred market was +134 basis points versus average OAS of +300 basis points for the $1,000 par preferred market. At the end of the reporting period, average OAS for the $25 par preferred market was +144 basis points, or about 10 basis points wider during the reporting period. On the other hand, $1,000 par preferreds’ average OAS as of January 31, 2021 stood at +253 basis points, or about 47 basis points lower over the same time period. Despite $25 par preferreds underperformance during the most recent reporting period, they still appear potentially overvalued on an OAS basis versus $1,000 par preferreds. In NAM’s opinion, the relative value thesis for being overweight $1,000 par preferreds remains intact.

In addition, NAM’s overweight to $1,000 par preferred securities served to gain greater exposure to non-fixed-rate coupon securities, like floating rate coupons, fixed-to-floating rate coupons, and fixed-to-fixed rate coupons. A larger proportion of the $1,000 par preferred market is comprised of non-fixed-rate for life coupon structures. On average during the reporting period, and within the Blended Benchmark, about 94% of the $1,000 par preferred segment was non-fixed-rate coupon structures compared to only about 23% in the $25 par preferred segment. As of January 31, 2021, the Fund had about 93% of its assets invested in securities that have coupons with reset features, compared to approximately 76% within the Blended Benchmark. Non-fixed-rate coupon structures outperformed those with fixed-rate coupons during the reporting period and contributed to the Fund’s relative outperformance versus the Blended Benchmark.

During the reporting period, the Fund’s underweight to CoCos detracted from relative performance as CoCos outperformed. Unfortunately, selection effects within the CoCo allocation further detracted from relative performance. During the reporting period, the relative performance of non-USD denominated CoCo securities outperformed their USD-denominated counterparts, even on a currency hedged basis. The Fund only invests in USD-denominated securities. During periods of time when non-USD CoCos outperform USD-denominated securities, like the current reporting period, it weighed on the Fund’s relative performance.

8

During the reporting period, the NAM sleeve outperformed its Blended Benchmark. The primary drivers for the outperformance included an overweight to $1,000 par securities, an overweight to non-fixed-rate coupon structures, an average duration that was modestly shorter than the Blended Benchmark, and a handful of credits that rebounded meaningfully after having underperformed in previous reporting periods, including preferreds issued by General Electric Co, General Motors Financial Co Inc and the aircraft leasing company AerCap Global Aviation Trust. Given NAM’s analysts’ constructive fundamental outlook on these issuers, NAM added to existing exposure opportunistically when their valuations dropped during the COVID-19 crisis.

The Fund used short interest rate futures during the reporting period to manage its exposure to various points along the yield curve, with a net effect of decreasing the Fund’s overall interest rate sensitivity. During the reporting period, the interest rate futures had a negligible impact on overall Fund performance.

NWQ

For the portion of the Fund managed by NWQ, NWQ seeks to achieve high income and a measure of capital appreciation. While the Fund’s investments are primarily preferred securities, a portion of the Fund allows the flexibility to invest across the capital structure in any type of debt, preferred or equity securities offered by a particular company. The portfolio management team then evaluates all available investment choices within a selected company’s capital structure to determine the portfolio investment that may offer the most favorable risk-adjusted return potential. The Fund’s portfolio is constructed with an emphasis on seeking a sustainable level of income and an overall analysis for downside risk management.

The ICE BofA Fixed Rate Preferred Securities Index returned 3.79% for the reporting period. Similar to other risk assets, the preferred market benefited from central bank support and encouraging economic data. While preferred securities trailed high yield bonds, they outperformed investment grade corporate bonds for the reporting period.

During the reporting period, NWQ’s preferred and equity holdings contributed the most to absolute performance, with high yield and convertible bonds also positively contributing to performance. While all of NWQ’s industries positively contributed to performance, the Fund’s banking and industrial holdings were top contributors to the Fund’s absolute performance.

During the reporting period, several individual holdings contributed meaningfully to absolute performance, including the preferred stock of CIT Group Inc. The bank announced fourth quarter 2020 earnings per share were up 18.11% year over year, which exceeded analysts’ expectations. The Fund continues to hold the position. In addition, the convertible preferred stock of Broadcom Inc. was a top contributor. Broadcom Inc. rose on the announcement of a potential sale of its radiofrequency unit. Management no longer views its wireless (and industrial) businesses as core and chose to focus on its more stable, higher margin networking, broadband and storage solutions business on the components side. The Fund continues to hold the position. Lastly, the preferred stock of GMAC Capital Trust contributed to performance. This preferred security outperformed on a rebound in earnings in which the company delivered positive revenue growth and margin expansion amid strong results from their used car lending business and online deposit franchise. The Fund continues to hold the position.

Several holdings detracted from absolute performance, including the convertible preferred stock of CVR Partners LP. The company announced disappointing third quarter 2020 results. Net sales were lower as were earnings per share. The Fund exited the position during the reporting period. In addition, the corporate bonds of Ford Motor Co. detracted from performance. Ford Motor was forced to idle production at some of its factories due to shortages of semiconductor chips. The chip shortage, partly due to soaring demand for electronics goods by homebound consumers, increased the challenges facing Ford as vehicle demand plunged amid the COVID-19 crisis. The Fund continues to hold the position. Lastly, PartnerRe Ltd preferred stock lagged during the reporting period. The global reinsurer reported declining third quarter 2020 net income in addition to $28 million in COVID-19 crisis related losses. The Fund continues to hold the position.

9

Portfolio Managers’ Comments (continued)

Nuveen Preferred and Income Term Fund (JPI)

The table in the Performance Overview and Holding Summaries section of this report provides total returns at net asset value (NAV) for the period ended January 31, 2021. The Fund’s total return at NAV is compared with the performance of a corresponding market index.

For the six-month reporting period ended January 31, 2021, the Fund outperformed the ICE BofA U.S. All Capital Securities Index and the JPI Blended Benchmark Index.

The Fund seeks to achieve its investment objective of providing a high level of current income and total return by investing in preferred securities and other income producing securities, which include, but are not limited to, contingent capital securities (CoCos). The Fund seeks to benefit from strong credit fundamentals across the asset class’ largest sectors, as well as the category’s healthy yield. In addition, the management team will actively allocate to both interest rate and credit risk consistent with its outlook for the broader financial markets, while seeking to capitalize on inefficiencies that often arise between the $25 par retail and the $1,000 par institutional sides of the market. The Fund’s strategy has a bias toward highly regulated sectors, such banks, insurance companies and utilities, with the intent to benefit from the added security of regulatory oversight.

NAM employs a credit-based investment approach, using a bottom-up approach that includes fundamental credit research, security structure selection, and option adjusted spread (OAS) analysis, while also incorporating a top-down process to position the portfolio in a manner that reflects the investment team’s overall macro-economic outlook. The process begins with identifying the primary investable universe of $1,000 par preferred, $25 par preferred, and CoCo securities. In an effort to capitalize on the inefficiencies between different investor bases within this universe, NAM tactically and strategically shifts capital between the various segments of the market. Periods of volatility may drive material differences in valuations between the $25 par preferred, $1,000 par preferred, and CoCo markets. This divergence is often related to differences in how retail and institutional investors measure and price risk, as well as differences in retail and institutional investors’ ability to source substitute investments. In addition, technical factors such as new issue supply or redemption activity may also influence the relative valuations between the $25 par preferred, $1,000 par preferred market and CoCo markets.

During the reporting period, the Blended Benchmark Index, which represents the combined preferred securities and CoCos markets, returned 7.00%. This figure fell between both comparable financial senior debt and financial equities. NAM typically expects the Blended Benchmark Index to perform between these two categories given the hybrid nature of its constituent securities. During the reporting period, investment performance was positive across all broad categories within the market. On average, CoCo securities modestly outperformed the Blended Benchmark Index. Within the preferred securities segment, $1,000 par preferred structures outperformed $25 par preferred structures. U.S, treasury rates generally rose and the yield curve steepened about 63 basis points. Performance between fixed-rate coupon structures and non-fixed-rate coupon structures was quite pronounced, with non-fixed-rate coupon structures outperforming fixed-rate coupon securities.

Taking a closer look at asset class level performance, the positive absolute returns were driven by a combination of lower credit spreads and the generous yield of the asset class. These two factors combined to more than offset the impact of generally higher U.S. treasury rates and a steeper U.S. treasury yield curve during the reporting period. Credit spreads decreased reflecting an overall reduction in risk premiums, as well as positive developments more specific to the asset class’ largest issuers. With the democrats officially taking control of both the White House and Congress, coupled with continued exceptionally easy monetary policy out of the Federal Reserve, investor sentiment turned quite bullish and prospects for the economy improved dramatically. As a result, both interest rates and inflation expectations increased during the reporting period, while risk premiums decreased. While option adjusted spreads (OAS) for the $25 par preferred securities segment did slightly increase, the OAS for $1,000 par preferreds and CoCo securities fell by approximately 50 basis points and 100 basis points, respectively. NAM viewed the increase in OAS of the $25 par

10

preferred market as idiosyncratic to that particular segment. The drivers of wider OAS for $25 par preferred securities were twofold. OAS for $25 par preferreds started the reporting period at fairly low levels relative to $1,000 par preferreds and CoCo securities. Therefore, a correction to some degree was not overly surprising. Leading up to the beginning of the reporting period, $25 par preferred OAS levels had been trading well below the $1,000 par preferred market, the result of exceptional retail demand for income which had been further exacerbated by a prolonged low interest rate environment. Further, strong investor flows into a handful of exchange traded funds (ETFs) that primarily invest in $25 par preferred securities also contributed to the relatively lower OAS levels compared to other segments of the market.

NAM believes that higher interest rates during the reporting period also contributed to the underperformance of $25 par preferred on an OAS basis. A higher percentage of the $25 par preferred securities universe is comprised of fixed-for-life coupon structures. During periods of rising rates, these structures tend to fall out of favor with investors relative to non-fixed-rate coupon structures. Therefore, as investors positioned defensively for higher interest rates during the reporting period, that rotation weighed on relative performance of fixed-for-life coupon structures, which disproportionately affected the $25 par preferred market.

During the reporting period, OAS for the CoCo market decreased to a greater degree than both $25 par and $1,000 par preferred securities. CoCo securities had underperformed for several months leading up to the current reporting period. Couple the recent underperformance with generally better than expected European bank earnings during the reporting period, and the fact that almost all AT1 CoCos are non-fixed-rate coupon structures, it was not a surprise that CoCos outperformed on a relative basis.

In NAM’s opinion, the compelling fundamental credit story of our largest sector, the bank sector, continues unabated. Both sets of 2020 U.S. bank stress test results, the first released in late June and the second in late December 2020, once again validated the resiliency of U.S. bank balance sheets. In 2020, the goal of these exams was to examine the banks’ vulnerabilities under the pall and fallout of the current COVID-19 crisis. The assumptions and variables used to conduct the stress tests were significantly more devastating versus those used in previous assessments. Despite these dire assumptions, all 33 banks subject to the stress tests passed. If NAM combined the above stress test results with better than expected earnings out of the U.S. bank sector during 2020, and the fact that that bank capital levels actually increased during the year, then it is hard to argue that another sector was better prepared to successfully navigate the current crisis than the bank sector.

NAM incorporated several active themes relative to the Blended Benchmark Index during the reporting period, including an overweight to the $1,000 par side of the market and an overweight to non-fixed-rate coupon securities (floating rate, fixed-to-floating rate, and fixed-rate reset), as well as an underweight to CoCos and a corresponding overweight to domestic issuers.

Within the preferred securities universe, $1,000 par preferred securities on average outperformed $25 par preferred securities. As a result, NAM’s overweight to those structures contributed to the Fund’s relative performance. As has been the case for some time, NAM has maintained an overweight to $1,000 par securities for two primary reasons, relative value and interest rate risk management. With respect to relative value, the $1,000 par side of the market continues to be significantly cheaper than the $25 par side of the market on an OAS basis. At the beginning of the reporting period, the average OAS for the $25 par preferred market was +134 basis points versus average OAS of +300 basis points for the $1,000 par preferred market. At the end of the reporting period, average OAS for the $25 par preferred market was +144 basis points, or about 10 basis points wider versus July 31, 2020. On the other hand, $1,000 par preferreds’ average OAS as of January 31, 2021 stood at +253 basis points, or about 47 basis points lower over the same time period. Despite $25 par preferreds underperformance during the most recent reporting period, they still appear potentially overvalued on an OAS basis versus $1,000 par preferreds. In NAM’s opinion, the relative value thesis for being overweight $1,000 par preferreds remains intact.

11

Portfolio Managers’ Comments (continued)

In addition, NAM’s overweight to $1,000 par preferred securities served to gain greater exposure to non-fixed-rate coupon securities, like floating rate coupons, fixed-to-floating rate coupons, and fixed-to-fixed rate coupons. A larger proportion of the $1,000 par preferred market is comprised of non-fixed-rate for life coupon structures. On average during the reporting period, and within the Blended Benchmark Index, about 94% of the $1,000 par preferred segment was non-fixed-rate coupon structures compared to only about 23% in the $25 par preferred segment. As of January 31, 2021, the Fund had about 93% of its assets invested in securities that have coupons with reset features, compared to approximately 76% within the Blended Benchmark Index. Non-fixed-rate coupon structures outperformed those with fixed-rate coupons during the reporting period and contributed to the Fund’s relative outperformance versus the Blended Benchmark Index.

During the reporting period, the Fund’s underweight to CoCos detracted from relative performance as CoCos outperformed. Unfortunately, selection effects within the CoCo allocation further detracted from relative performance. During the reporting period, the relative performance of non-USD denominated CoCo securities outperformed their USD-denominated counterparts, even on a currency hedged basis. The Fund only invests in USD-denominated securities. During periods of time when non-USD CoCos outperform USD-denominated securities, like the current reporting period, it weighed on the Fund’s relative performance.

For the six-month reporting period ended January 31, 2021, the JPI outperformed its Blended Benchmark Index. The primary drivers for the outperformance included an overweight to $1,000 par securities, an overweight to non-fixed-rate coupon structures, an average duration that was modestly shorter than the Blended Benchmark Index and a handful of credits that rebounded meaningfully after having underperformed in previous reporting periods, including preferreds issued by General Electric Co, General Motors Financial Co Inc and the aircraft leasing company AerCap Global Aviation Trust. Given NAM’s analysts’ constructive fundamental outlook on these issuers, NAM added to existing exposure opportunistically when their valuations dropped during the COVID-19 crisis.

The Fund used short interest rate futures during the reporting period to manage its exposure to various points along the yield curve, with a net effect of decreasing the Fund’s overall interest rate sensitivity. During the reporting period, the interest rate futures had a negligible impact on overall Fund performance.

Nuveen Preferred & Income Securities Fund (JPS)

The table in the Performance Overview and Holding Summaries section of this report provides total returns at net asset value (NAV) for the period ended January 31, 2021. The Fund’s total return at NAV is compared with the performance of a corresponding market index.

For the six-month reporting period ended January 31, 2021, the Fund outperformed the ICE BofA U.S. All Capital Securities Index and the JPS Blended Benchmark.

The investment objective of the Fund is to seek high current income consistent with capital preservation with a secondary objective to enhance portfolio value relative to the broad market for preferred securities. Under normal market conditions, the Fund seeks to invest at least 80% of its net assets in preferred and other income-producing securities, including hybrid securities such as contingent capital securities (CoCos). At least 50% is invested in securities that are rated investment grade.

The basic strategy of the Fund calls for investing in junior subordinated, high income securities of companies with investment grade ratings. Spectrum has tactical exposure to both institutional sectors of the junior subordinated capital securities, which includes both preferred and CoCos.

As of January 31, 2021, the Fund had 55.8% allocation to the $1,000 par institutional sector of the preferred securities market, 10.4% allocation to $25 par retail sector and 33.8% allocation to the CoCos sector, with the remaining in cash.

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The reporting period began with the Federal Reserve stating that could take years for the economy to fully recover from the impairments caused by the COVID-19 crisis. Consequently, the Federal Reserve maintained its extraordinary support for markets through numerous programs, the most notable of which, involves buying $120 billion of assets per month, including $80 billion of Treasury securities and $40 billion of mortgages. Equity markets fluctuated within a relatively tight range until the U.S. elections. Ultimately, equity markets rose once it became clear that there would be significant spending plans for COVID-19 crisis relief in 2021. On the heels of emergency spending bills in the summer of 2020 and expectations for more spending in 2021, the yield on the U.S. Treasury 30-year bond rose by 60 basis points to 1.80% by the end of the reporting period. Credit spreads in the Fund’s sectors closed the reporting period more than one standard deviation wider than more senior financials. The hybrid sectors performed positively on an absolute and relative basis compared to more senior financials. Credit spreads were mixed. The $25 par sector of preferred securities widened by 10 basis points and the $1,000 par sector tightened by 46 basis points. The contingent convertible securities (CoCo) sector was the best performer as its spreads tightened by 89 basis points this reporting period.

Factors that contributed to the Fund’s absolute performance included the overall demand for credit given investors’ confidence in the economy’s ability to recover from the COVID-19 crisis, with a significant boost from COVID-19 vaccines and government spending. On an absolute basis, the Fund’s concentrations in Additional Tier1 (CoCo), U.S. bank preferred stock and insurance hybrids contributed the most. Individual contributors to performance included Societe Generale SA, Barclay PLC and MetLife Inc. On an absolute basis, there were no sectors that detracted from performance during the reporting period, although trust preferred floaters and subordinated debt sectors contributed to a lesser degree, including the Fund’s holdings in BHP Billiton Finance USA Ltd, Enbridge Inc. and Great-West Life & Annuity Insurance Co.

Compared to the Fund’s Blended Benchmark of preferred and contingent capital securities, the Fund’s overweight in insurance hybrids, U.S. banking hybrids and U.S. bank preferred stocks contributed positively to relative performance. The Fund’s underweight in Additional Tier 1 (CoCo), $25 par preferred stock and master limited partnerships (energy) detracted from relative performance.

Nuveen Preferred and Income 2022 Term Fund (JPT)

The table in the Performance Overview and Holding Summaries section of this report provides total returns at net asset value (NAV) for the period ended January 31, 2021. The Fund’s total return at NAV is compared with the performance of a corresponding market index.

For the six-month reporting period ended January 31, 2021, the Fund outperformed the ICE BofA U.S. All Capital Securities Index (the “Index”).

The Fund seeks to achieve its investment objective of providing a high level of current income and total return by investing in preferred securities and other income producing securities. The Fund’s portfolio is actively managed, seeking to capitalize on strong credit fundamentals and intense regulatory oversight across our largest sectors, the category’s healthy yield level, and inefficiencies that often evolve between the $25 par retail and the $1,000 par institutional sides of the market. The Fund’s strategy has a bias toward highly regulated industries, like utilities, banks and insurance companies, with a current emphasis broadly on financial services companies. The Fund does not invest in contingent capital securities (otherwise known as CoCos).

NAM employs a credit-based investment approach, using a bottom-up approach that includes fundamental credit research, security structure selection and option adjusted spread (OAS) analysis, while also incorporating a top-down process to position the portfolio in a manner that reflects the investment team’s overall macro-economic outlook. The process begins with identifying the primary investable universe of $1,000 par preferred and $25 par preferred securities. In an effort to capitalize on the inefficiencies between different investor bases within this universe, NAM tactically and strategically shifts capital between the various segments of the market. Periods of volatility may drive material

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Portfolio Managers’ Comments (continued)

differences in valuations between the $1,000 par preferred and $25 par preferred markets. This divergence is often related to differences in how retail and institutional investors measure and price risk, as well as differences in retail and institutional investors’ ability to source substitute investments. In addition, technical factors such as new issue supply or redemption activity may also influence the relative valuations between the $1,000 par preferred and the $25 par preferred markets.

During reporting period, the Index, which represents the combined $25 par and $1,000 par preferred markets, returned 5.44%. This figure fell between both comparable financial senior debt and financial equities. NAM typically expects the Index to perform between these two categories given the hybrid nature of its constituent securities. During the reporting period, investment performance was positive across all broad categories within the market.

Taking a closer look at asset class level performance, the positive absolute returns were driven by a combination of lower credit spreads and the generous yield of the asset class. These two factors combined to more than offset the impact of generally higher U.S. treasury rates and a steeper U.S. treasury yield curve during the reporting period. Credit spreads decreased reflecting an overall reduction in risk premiums, as well as positive developments more specific to the asset class’ largest issuers. With the democrats officially taking control of both the White House and Congress, and continued exceptionally easy monetary policy out of the Federal Reserve, investor sentiment turned quite bullish and prospects for the economy improved dramatically. As a result of this backdrop, both nominal interest rates and inflation expectations increased during the reporting period, while risk premiums decreased. While option adjusted spreads (OAS) for the $25 par preferred securities segment did slightly increase, the OAS for $1,000 par preferreds fell by approximately 50 basis points. Overall, the average OAS for the Index declined by about 18 basis points. NAM views the increase in OAS of the $25 par preferred market as idiosyncratic to that particular segment, with the move wider being contrary to most other credit markets outside the preferred securities category. In NAM’s opinion, the drivers of wider OAS for $25 par preferred securities were twofold. OAS for $25 par preferreds started the reporting period at fairly low levels relative to $1,000 par preferred securities. Therefore, a correction to some degree was not overly surprising. Leading up to the beginning of the reporting period, $25 par preferred OAS levels had been trading well below the $1,000 par preferred market, the result of exceptional retail demand for income which had been further exacerbated by a prolonged low interest rate environment. Further, strong investor flows into a handful of exchange traded funds (ETFs) that primarily invest in $25 par preferred securities also place disproportionate demand on that particular segment of the preferred market.

NAM also believed that higher interest rates during the reporting period contributed to the underperformance of $25 par preferred on an OAS basis. A higher percentage of the $25 par preferred securities universe is comprised of fixed-for-life coupon structures. During periods of rising rates, these structures tend to fall out of favor with investors relative to non-fixed-rate coupon structures. Therefore, as investors positioned defensively in response to higher interest rates during the reporting period, that rotation weighed on relative performance of fixed-for-life coupon structures, which disproportionately affected the $25 par preferred market.

In NAM’s opinion, the compelling fundamental credit story of our largest sector, the bank sector, continues unabated. Both sets of 2020 U.S. bank stress test results, the first released in late June and the second in late December 2020, once again validated the resiliency of U.S. bank balance sheets. In 2020, the goal of these exams was to examine the banks’ vulnerabilities under the pall and fallout of the current COVID-19 crisis. The assumptions and variables used to conduct the stress tests were significantly more devastating versus those used in previous assessments. Despite these dire assumptions, all 33 banks subject to the stress tests passed. If NAM combined the above stress test results with better than expected earnings out of the U.S. bank sector during 2020, and the fact that that bank capital levels actually increased during 2020, then it is hard to argue that another sector was better prepared to successfully navigate the current crisis than the bank sector.

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NAM incorporated several active themes relative to the Index during the reporting period, including an overweight to the $1,000 par side of the market, and an overweight to non-fixed-rate coupon securities (floating rate, fixed-to-floating rate, and fixed-rate reset) and a modest underweight to duration.

During the reporting period, $1,000 par preferred securities on average outperformed $25 par preferred securities. As a result, NAM’s overweight to those structures continued to the Fund’s relative performance. As has been the case for some time, NAM has maintained an overweight to $1,000 par securities for two primary reasons, relative value and interest rate risk management. With respect to relative value, the $1,000 par side of the market continues to be significantly undervalued in relation to the $25 par side of the market on an OAS basis. At the beginning of the reporting period, the average OAS for the $25 par preferred market was +134 basis points versus average OAS of +300 basis points for the $1,000 par preferred market. At the end of the reporting period, average OAS for the $25 par preferred market was +144 basis points, or about 10 basis points wider versus July 31, 2020. On the other hand, $1,000 par preferreds’ average OAS as of January 31, 2021 stood at +253 basis points, or about 47 basis points lower over the same time period. Despite $25 par preferreds underperformance during the most recent reporting period, they still appear potentially overvalued on an OAS basis versus $1,000 par preferreds. In NAM’s opinion, the relative value thesis for being overweight $1,000 par preferreds remains intact.

In addition, NAM’s overweight to $1,000 par preferred securities served to gain greater exposure to non-fixed-rate coupon securities, like floating rate coupons, fixed-to-floating rate coupons, and fixed-to-fixed rate coupons. A larger proportion of the $1,000 par preferred market is comprised of non-fixed-rate for life coupon structures. On average during the reporting period, and within the Fund’s Index, about 94% of the $1,000 par preferred segment was non-fixed-rate coupon structures compared to only about 23% in the $25 par preferred segment. As of January 31, 2021, the Fund had about 83% of its assets invested in securities that have coupons with reset features, compared to approximately 64% within the Index. Non-fixed-rate coupon structures outperformed those with fixed-rate coupons during the reporting period and contributed to the Fund’s relative outperformance versus the Index.

For the reporting period, JPT outperformed its Index. The primary drivers for the outperformance included an overweight to $1,000 par securities, an overweight to non-fixed-rate coupon structures, an average duration that was modestly shorter than the Index and a handful of credits that rebounded meaningfully after having underperformed in previous reporting period, including preferreds issued by General Electric Co, General Motors Financial Co Inc and the aircraft leasing company AerCap Global Aviation Trust. Given NAM’s analysts’ constructive fundamental outlook on these issuers, NAM added to existing exposure opportunistically when their valuations dropped during the COVID-19 crisis.

The Fund used short interest rate futures during the reporting period to manage its exposure to various points along the yield curve, with a net effect of decreasing the Fund’s overall interest rate sensitivity. During the reporting period, the interest rate futures had a negligible impact on overall Fund performance.

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Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through bank borrowings as well as the use of reverse repurchase agreements for JPC, JPI and JPS. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio securities that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.

However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value. All this will make the shares’ total return performance more variable, over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their all-time lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

The Funds’ use of leverage had a positive impact on total return performance during this reporting period. Following the Funds’ deleveraging during the sharp market sell-off in March 2020, the Funds continued to gradually add leverage during this period, using proceeds to purchase new portfolio securities amid generally strong markets and steadily rising asset prices. Although the Funds seek to opportunistically add leverage in a risk controlled manner, leverage levels generally remain below their levels prior to the aforementioned market sell-off. Management believes that the potential benefits from leverage continue to outweigh the associated increase in risk and total return variability.

JPC, JPI and JPS continued to use interest rate swap contracts to partially hedge the interest cost of leverage. During the period, these interest rate swaps had a positive impact on the overall fund performance of JPC and JPS largely due to the improvement in mark-to-market value driven by the increase in long-term interest rates. During the period, these interest rate swaps had a negligible impact on the overall fund performance of JPI. Although there was a modest improvement in mark-to-market values driven by the increase in long-term interest rates, it was muted by the short duration nature of the interest rate swap.

As of January 31, 2021, the Funds’ percentages of leverage are as shown in the accompanying table.

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Refer to Notes to Financial Statements, Note 8 – Fund Leverage and Note 10 – Subsequent Events for further details.

Refer to Notes to Financial Statements, Note 8 – Fund Leverage for further details.

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Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of January 31, 2021. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.

During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.

Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.

All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE REPURCHASES

During August 2020, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

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As of January 31, 2021, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares.

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Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment. Performance for indexes that were created after the Fund’s inception are linked to the Fund’s previous benchmark.

Common Share Price Performance — Weekly Closing Price

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This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.